• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Blockchain Technology to Combat Dodgy Ticket Resales
Nexo

Blockchain Technology to Combat Dodgy Ticket Resales

Nikita Blows by Nikita Blows
4 years ago
in Blockchain, Altcoins, News, News teaser, Start-Ups, Technology
1

Secondary ticketing in the UK is a billion-dollar problem, one that Aventus hopes to solve with blockchain technology.


Whether it’s your favorite football match or your music idol’s concert, front-row tickets are probably what you’re after. However, if they happen to be sold out by the time you can afford them, you might be tempted to purchase these tickets from unscrupulous secondary parties.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Prepare to be met with counterfeit tickets and sky-high prices. According to The Guardian, secondary tickets for shows for big artists, such as Adele, can fetch up to $12,000. Preventing these so-called ticket touts seems to be a decades-old issue, but something that blockchain technology could solve.

Blockchain to the Rescue

Annika Monari and Alan Vey, who are the founders of Aventus, will have the opportunity to test this theory at the upcoming FIFA World Cup in Russia. Their blockchain-based program will be used for more than 10,000 tickets to fan events in the US and Europe.

By using blockchain technology, the records for each ticket will be immutable and therefore protected against counterfeiting. Essentially, each ticket will be linked to its owner, which will combat fraud.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

By doing this, Monari and Vey, who both have degrees in Artificial Intelligence and Particle Physics, have said that Aventus will “virtually eliminate ticketing fraud and the scourge of unregulated touting”.

A New Solution for an Old Problem

A New Solution for an Old Problem

The Aventus founders discussed their excitement at working towards a solution for this problem:

“It has been an amazing journey. We used to sit in this common room having coffees and worrying about our coursework. But now, hopefully, we will be the people who can solve the problems in the ticketing industry. That would feel incredible and be such a huge achievement for us.”

The platform’s ICO in September last year sold out in just seven minutes, raising a total of just over $35 million.

Positive Impact

Professor Mike Waterson from Warwick University acted as a technical advisor to Monari and Vey. He had this to say:

“It has a lot of potential. Thinking through the market from a fresh perspective is very useful. If they get genuine buy-in from a wide enough range of people then it is going to have a big impact on the market.”

Expanding Blockchain-based Solutions

Waterson also conducted a government report into the secondary ticket industry, including ticket sales for Premier League games. This is also an issue that Aventus hopes to help with. The platform will be working with another blockchain-based platform, Blocside, for the FIFA World Cup initiative, but hope to expand their offerings to Premier League football clubs soon.

Ticket fraud is quite a lucrative industry in the UK, with an annual value of about $1.3 billion. Bernie Dillon, an entertainment industry expert, discussed how Aventus could make a difference:

“Anyone who has ever attended, hosted, or produced a live entertainment event has been affected by counterfeit tickets or extortionate resale prices. Aventus brings a refreshing solution that could end fraudulent activity and ticket touting once and for all.”

Do you think that blockchain technology is the answer to the ticketing industry’s biggest problem? Let us know in the comments below!


Images courtesy of Wikimedia Commons, Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Nikita Blows

Nikita Blows

Related Posts

Three Arrows

Three Arrows Capital Gets Notice Of Default On $660 Million Voyager Loan

3 days ago
Morgan Creek

Morgan Creek Said To Be In Bid To Secure $250-M To Counter FTX BlockFi Bailout

3 days ago
Harmony

Harmony Dangles $1M Reward For Return Of $100M Stolen Funds – Is It Enough?

3 days ago
Ripple

Ripple To Hire 50 Engineers For Its New Crypto Hub In Canada

5 days ago
Cryptocurrency Firm Babel Finance Strikes Debt Agreement With Counterparties

Cryptocurrency Firm Babel Finance Strikes Debt Agreement With Counterparties

6 days ago
Crypto

Crypto ATMs To Be Installed At Top Hispanic Grocery Chain In 3 U.S. States

6 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.